C

LOAN SUMMARY | 13737 Southeast 41st Court, Summerfield, FL 34491

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
60.8%
$94,250
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$94,250
Repaid on 06/10/2020
Started on
Funded on
Repaid on
Matures on
12/18/2019
06/10/2020
12/26/2020

LOAN UPDATES

GROUNDFLOOR - 6/1/2020

The borrower has advised the exterior painting and landscaping is complete.

GROUNDFLOOR - 4/28/2020

The borrower has advised the property is still occupied by tenants and landscaping upgrades are complete.

GROUNDFLOOR - 3/26/2020

The borrower has advised that they are in the process of refinancing.

GROUNDFLOOR - 2/25/2020

The borrower has advised that the bathroom flooring, gutters, exterior paint, and exterior light installations are complete.

GROUNDFLOOR - 1/27/2020

The borrower has advised that the following works have been completed, or in progress:

  • The initial cleanup has been completed.
  • The front yard has been cleared.
  • The kitchen and bathroom cabinets have been painted.
  • The flooring in the master, kitchen, and family rooms will be completed this week.

There is an interested tenant with a tentative move in date of February 1st.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$155,000
Total Project Costs
$135,250
$19,750
GROUNDFLOOR
$94,250
$41,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$111,000
Purchase Date
12/27/2019
Loan To ARV
60.8%
Loan To Total Project Cost
68.7%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
5
10
Quality of Valuation Report
4
4
Skin-in-the-Game
5
10
Location
4
8
Borrower Experience
1
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$155,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

13737 SOUTHEAST 41ST COURT, SUMMERFIELD, FL 34491
The Borrower intends to use the loan proceeds to purchase and renovate the property. Upon completion, the Borrower intends to sell the property to repay the Groundfloor loan.

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • The Borrower was advanced the money it needed to purchase this property on December 27, 2019 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower is now in possession of the property. If this offering is fully subscribed, Groundfloor will continue to administer and service the loan as further described in the Offering Circular.
  • The renovation of the property may be extensive, and therefore subject to delays and other unexpected issues.
  • The renovation will require permitting, and permits may not be obtained on time or may be denied.
  • The Borrower has not completed or sold any projects in the past year. As such, the Borrower's average revenue, costs, and margins cannot be calculated.
  • The Principal has not yet completed or sold any projects. As such, the Principal's average revenue, costs, and margins cannot be calculated.
  • Please consult the Offering Circular